On November 10, the US Federal Reserve had approved the application of credit card major to become a bank holding company and the change in status facilitated American Express to explore various government funding and lending programmes. In return to the said loan, American Express will issue and sell preferred stock of about $3.39 billion and warrants to purchase shares of common stock for up to 15 per cent of that amount to the Treasury.
JPMorgan, which got $25 billion under the Troubled Asset Relief Program, intends to raise $5 billion to satisfy a supervisory condition for repayment of the government funds requiring demonstrated access to equity capital markets, a company statement said.
The Obama Administration's mega stimulus package that pumped in billions of dollars to revive the sagging US economy at the height of the recession is now giving high returns to the US Treasury, a latest report has said.
The House of Representatives has passed a legislation for levying a tax on bonuses granted to employees of companies, which have received at least $5 billion from the US Federal government's financial bailout packages.
To repay the amount, the company would sell common stocks worth $10.4 billion and also raise $1.35 billion through its issuance to some employees instead of cash as part of their compensation this year, among others.
A new law and a new study refuel the H-1B debate.
Since March 31, 2022, the PSBs' market cap has risen 43.7 per cent, from Rs. 7.29 trillion to Rs. 10.47 trillion. It's time for the government, the majority owner of public sector banks, to reap the benefit of the rally in bank stocks, recommends Tamal Bandyopadhyay.
Five years after the catastrophic collapse of the Wall Street, the American economy is growing and the businesses are creating jobs, Obama said yesterday while nominating Timothy Massad to run the Commodity Futures Trading Commission.
Hillary Clinton and Bernie Sanders held a fierce and substantive debate on Sunday night, disagreeing over trade, guns, the auto industry and Wall Street.
'The government has to stop trying to fix things for lenders, projects, homeowners and developers and think instead about how to fix the market for houses,' says Mihir S Sharma.
Fix India's real estate sector. Fix India's public sector banks, advises Tamal Bandyopadhyay.
'The RBI has not allowed any commercial bank to fail in the past three decades.' 'It has always played the role of a matchmaker, but this is the best deal it has stitched,' notes Tamal Bandyopadhyay.
FinMin officials say an announcement could be made in the Budget.
Enjoying the backing of the regulator, Gill has identified the core problems, ring-fenced the banks from "influencers" and is in the process of building a new team. Now, he needs to play a Vikram Pandit for YES Bank, says Tamal Bandyopadhyay.
Iraq war veteran and Democrat Manan Trivedi tried his luck for the third time, but was trounced by Republican Ryan Costello, the Chester county commissioner for Pennsylvania's open seat in District 6
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